The Retirement-Consumption Puzzle: Theory and Empirical Evidence PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download The Retirement-Consumption Puzzle: Theory and Empirical Evidence PDF full book. Access full book title The Retirement-Consumption Puzzle: Theory and Empirical Evidence by Kevin Rink. Download full books in PDF and EPUB format.
Author: Kevin Rink
Publisher: GRIN Verlag
ISBN: 3640989724
Category : Business & Economics
Languages : en
Pages : 26
Get Book Here
Book Description
Seminar paper from the year 2011 in the subject Business economics - Investment and Finance, grade: 1,0, University of Mannheim, course: Seminar in Bankbetriebslehre und Behavioral Finance , language: English, abstract: The literature on consumption behavior finds that households consistently reduce consumption at retirement. It documents a consumption dip of between seven and 17% on average. However, according to life cycle theory, households smooth marginal utility of consumption across time periods. The discrepancy between the predictions of theory and empirical findings is known as the retirement-consumption puzzle. A deeper knowledge on retirement saving behavior is of interest for at least three reasons. First, it facilitates the testing of theoretical models like the life cycle hypothesis. Thereby, it helps to understand if and by how far individuals plan their retirement in a rational manner. Second,... [...] The task of this paper is to assess both theory and empirical evidence of the retirement consumption puzzle. It, therefore, discusses the basic characteristics of standard life cycle theory in section 2. Section 3 examines the main determinants of the puzzle and perspectives from which the puzzle has been investigated. Section 4 concludes.
Author: Kevin Rink
Publisher: GRIN Verlag
ISBN: 3640989724
Category : Business & Economics
Languages : en
Pages : 26
Get Book Here
Book Description
Seminar paper from the year 2011 in the subject Business economics - Investment and Finance, grade: 1,0, University of Mannheim, course: Seminar in Bankbetriebslehre und Behavioral Finance , language: English, abstract: The literature on consumption behavior finds that households consistently reduce consumption at retirement. It documents a consumption dip of between seven and 17% on average. However, according to life cycle theory, households smooth marginal utility of consumption across time periods. The discrepancy between the predictions of theory and empirical findings is known as the retirement-consumption puzzle. A deeper knowledge on retirement saving behavior is of interest for at least three reasons. First, it facilitates the testing of theoretical models like the life cycle hypothesis. Thereby, it helps to understand if and by how far individuals plan their retirement in a rational manner. Second,... [...] The task of this paper is to assess both theory and empirical evidence of the retirement consumption puzzle. It, therefore, discusses the basic characteristics of standard life cycle theory in section 2. Section 3 examines the main determinants of the puzzle and perspectives from which the puzzle has been investigated. Section 4 concludes.
Author: Kevin Rink
Publisher: GRIN Verlag
ISBN: 3640989791
Category :
Languages : en
Pages : 57
Get Book Here
Book Description
Author: John Ameriks
Publisher:
ISBN: 9780199549108
Category : Business & Economics
Languages : en
Pages : 0
Get Book Here
Book Description
As Baby Boomers make the transition into their 60s, they have focused policymakers and the media's attention onto how this generation will manage the retirement phase of its lifetime. This volume acknowledges that many, though not all, in this older cohort have accumulated substantial assets, so for them, the question is what will they do with what they have? We offer a detailed exploration of how people entering retirement will deploy their accumulated assets in the near and long term, so to best meet their myriad spending, investment, and other objectives. The book offers readers an invaluable study of emerging issues regarding assets and expectations on the verge of retirement, including uncertainty regarding life expectancy and morbidity. It is composed of chapters from a distinguished set of authors including a Nobel Laureate and a wonderful mix of academics and practitioners from the legal, financial, and economic fields. This volume represents an invaluable addition to the Pension Research Council / Oxford University Press series. It will be especially useful for analysts and consumers concerned with ways to position, invest, manage, and spend retirement assets; financial advisers and academics debating ways to effectively manage assets in retirement; and lawyers and policy experts evaluating regulation for the retirement payout marketplace.
Author: Christopher D. Carroll
Publisher: University of Chicago Press
ISBN: 022612665X
Category : Business & Economics
Languages : en
Pages : 517
Get Book Here
Book Description
Robust and reliable measures of consumer expenditures are essential for analyzing aggregate economic activity and for measuring differences in household circumstances. Many countries, including the United States, are embarking on ambitious projects to redesign surveys of consumer expenditures, with the goal of better capturing economic heterogeneity. This is an appropriate time to examine the way consumer expenditures are currently measured, and the challenges and opportunities that alternative approaches might present. Improving the Measurement of Consumer Expenditures begins with a comprehensive review of current methodologies for collecting consumer expenditure data. Subsequent chapters highlight the range of different objectives that expenditure surveys may satisfy, compare the data available from consumer expenditure surveys with that available from other sources, and describe how the United States’s current survey practices compare with those in other nations.
Author: National Research Council
Publisher: National Academies Press
ISBN: 0309254094
Category : Social Science
Languages : en
Pages : 486
Get Book Here
Book Description
The population of Asia is growing both larger and older. Demographically the most important continent on the world, Asia's population, currently estimated to be 4.2 billion, is expected to increase to about 5.9 billion by 2050. Rapid declines in fertility, together with rising life expectancy, are altering the age structure of the population so that in 2050, for the first time in history, there will be roughly as many people in Asia over the age of 65 as under the age of 15. It is against this backdrop that the Division of Behavioral and Social Research at the U.S. National Institute on Aging (NIA) asked the National Research Council (NRC), through the Committee on Population, to undertake a project on advancing behavioral and social research on aging in Asia. Aging in Asia: Findings from New and Emerging Data Initiatives is a peer-reviewed collection of papers from China, India, Indonesia, Japan, and Thailand that were presented at two conferences organized in conjunction with the Chinese Academy of Sciences, Indian National Science Academy, Indonesian Academy of Sciences, and Science Council of Japan; the first conference was hosted by the Chinese Academy of Social Sciences in Beijing, and the second conference was hosted by the Indian National Science Academy in New Delhi. The papers in the volume highlight the contributions from new and emerging data initiatives in the region and cover subject areas such as economic growth, labor markets, and consumption; family roles and responsibilities; and labor markets and consumption.
Author:
Publisher:
ISBN:
Category : Age distribution (Demography)
Languages : en
Pages : 108
Get Book Here
Book Description
Author: Claudia Goldin
Publisher: University of Chicago Press
ISBN: 022653264X
Category : Business & Economics
Languages : en
Pages : 326
Get Book Here
Book Description
Today, more American women than ever before stay in the workforce into their sixties and seventies. This trend emerged in the 1980s, and has persisted during the past three decades, despite substantial changes in macroeconomic conditions. Why is this so? Today’s older American women work full-time jobs at greater rates than women in other developed countries. In Women Working Longer, editors Claudia Goldin and Lawrence F. Katz assemble new research that presents fresh insights on the phenomenon of working longer. Their findings suggest that education and work experience earlier in life are connected to women’s later-in-life work. Other contributors to the volume investigate additional factors that may play a role in late-life labor supply, such as marital disruption, household finances, and access to retirement benefits. A pioneering study of recent trends in older women’s labor force participation, this collection offers insights valuable to a wide array of social scientists, employers, and policy makers.
Author: United States. Congress. Senate. Committee on Post Office and Civil Service
Publisher:
ISBN:
Category : Civil service
Languages : en
Pages : 84
Get Book Here
Book Description
Considers S. 188, to allow civil service employees to retire with full retirement benefits after thirty years' service.
Author: Arna Olafsson
Publisher:
ISBN:
Category :
Languages : en
Pages :
Get Book Here
Book Description
This paper uses a detailed panel of individual spending, income, account balances, and credit limits from a personal finance management software provider to investigate how expenditures, liquid savings, and consumer debt change around retirement. The longitudinal nature of our data allows us to estimate individual fixed-effects regressions and thereby control for all selection on time-invariant (un)observables. We provide new evidence on the retirement-consumption puzzle and on whether individuals save adequately for retirement. We find that, upon retirement, individuals reduce their spending in both work-related and leisure categories. However, we feel that it is difficult to tell conclusively whether expenses are work related or not, even with the best data. We thus look at household finances and find that individuals delever upon retirement by reducing consumer debt and increasing liquid savings. We argue that these findings are difficult to rationalize via, for example, work-related expenses. A rational agent would save before retirement because of the expected fall in income, and dissave after retirement, rather than the exact opposite.
Author: David A. Wise
Publisher: University of Chicago Press
ISBN: 0226903370
Category : Business & Economics
Languages : en
Pages : 401
Get Book Here
Book Description
"This is the thirteenth in a series of NBER volumes on the Economics of Aging"--Introduction.
